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Forex pairs in this Article » GBP/USD
FXStreet (Edinburgh) - The selling interest remains intact around the sterling on Wednesday, with the GBP/USD hovering over weekly lows near 1.6660.

GBP/USD depressed by UK labour data

The pair quickly unwound the initial long positions that pushed it to intraday highs beyond 1.6730 after the UK ILO unemployment rate caught investors off guard, up-ticking to 7.2% in the three months to December vs. 7.1% expected. According to BBH analysts, “The employment data and the decline in the implied yields coincided with sterling's slide from almost $1.6740 to $1.6660, roughly yesterday's lows. A break could signal a quick move toward $1.6625, but we would not expect steeper losses here today. There seems to be more talk of the positive implications of the Vodafone-Verizon unwind and this will likely deter selling”.

GBP/USD levels to watch

The pair is now losing 0.05% at 1.6669 and a break below 1.6655 (low Feb.18) would expose 1.6644 (low Feb.14). On the upside, the initial hurdle aligns at 1.6734 (high Feb.19) followed by 1.6741 (high Feb.18) and then 1.6823 (2014 high Feb.17).
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